The ailing company's revenue fell to 2.7 billion ($3.7 billion) in the first three months of the yeara 15 percent loss over Q1 2013. Nokia also counted 326 million ($452 million) in operating losses, compared with 120 million ($166 million) last year.

Its handset division, now under Redmond's care, also dropped 30 percent to 1.9 billion ($2.6 billion), a loss that could have been avoided, Nokia said, if not for the delayed Microsoft deal, which would have earned the Finnish company a windfall in March.

"With the closing of our transaction with Microsoft, Nokia begins a new era," chairman Risto Siilasmaa said in a statement. "Nokia's vision is to be a leader in technologies which will be important in a world of billions of intelligent connected devices."

The new Nokia will be led by Rajeev Suri (pictured), who was selected as the company's new CEO, effective May 1. His focus, he said, is to be "a leader in the technologies for a world where everybody and everything is connected."

Suri has been with Nokia since 1995 and CEO of its the Nokia Solutions and Networks division since 2009.

"I believe Rajeev is the right person to lead Nokia forward, and that his passion for technology will help ensure that Nokia continues to deliver technologies that have a positive impact on people's lives," said Siilasmaa, who has been serving as interim CEO.

To achieve that, Nokia will focus on innovative products and services that help manage increased wireless data traffic, invest in more location intelligence, expand its intellectual property licensing program, and more.

"Nokia, with its deep experience in connecting people and its three strong businesses, is well-positioned to tap new opportunities during this time of technological change," Suri said in a statement. "I look forward to working with the entire Nokia team as we embark on this exciting journey."

Stephanie began as a PCMag reporter in May 2012. She moved to New York City from Frederick, Md., where she worked for four years as a multimedia reporter at the second-largest daily newspaper in Maryland. She interned at Baltimore magazine and graduated from Indiana University of Pennsylvania (in the town of Indiana, in the state of Pennsylvania) with a degree in journalism and mass communications.
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